Have all your questions answered (including the ones you didn't know to ask) on your way to buying land for back taxes!
From the basics:
How the tax lien sale works
Property research checklist
What the investor buys
Risks of tax lien investing
Flow chart of foreclosure process
To the advanced issues:
Foreclosure problems and how to deal with them
Resolving priority of liens, e.g., IRS liens, judgments, other government claims
Computing lien values and double-checking earned interest reported by Treasurers
Arizona county tax collection statistics
Dealing with interests of Arizona financial institutions resolved by RTC/FDIC
Information resources for researching, valuing, and selling property
Treatment of tax liens when property owner in bankruptcy
Armed with the information in this Guide, you'll know more about property tax liens than most lawyers!
In addition to example forms from government offices and websites:
Key legal forms for prosecuting a judicial foreclosure
Directory of Arizona County offices
Select Arizona Census 2000 data
Spreadsheet templates for estimating unredeemed lien value and calculating return on investment in effective yield (compound interest) terms
Explanation of Arizona Tax Classes and Department of Revenue Use Codes
Statistics of Arizona Counties= assessment rolls and their tax collection experience
List of Arizona failed financial institutions under FDIC receivership/conservatorship
Sample forms and relevant IRS publications
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List of Appendices
List of Illustrations
Preface
Chapter 1
Introduction to Arizona Property Tax Liens
Chapter 2
Overview of the Property Tax Lien Sale Process – Beginning to End
2.1 How The Process Works
2.2 A High Priority Lien
2.3 Redemption, Investment Payoff
2.4 Subtaxes
2.5 Foreclosure
Chapter 3
Risks of Arizona Property Tax Lien Investing
3.1 Liquidity Risk
3.2 Property Risks
3.2.1 Inadequate Security
3.2.2 Environmental Liability
3.3 Property Owner-Related Risks
3.3.1 Owner's Bankruptcy
3.3.2 Owner’s Military Service
3.3.3 Foreign Owner
3.4 Tax Lien Process Risks
3.4.1 Other Liens
3.4.2 Government Property or Other Exempt Property
3.4.3 Administrative Inefficiency
3.4.4 Administrative Expense
3.4.5 Litigation Expense
3.4.6 Uninsurable Title
3.4.7 Legislative Changes
3.4.8 Success
Chapter 4
Background – Functions of County Government Offices
4.1 Assessor's Office
4.2 Recorder's Office
4.3 Treasurer's Office
Chapter 5
State's Authority to Assess Taxes – Preparation for Lien Sale
5.1 Lien Attachment and Priority
5.2 Nature of Property Tax Liability and Collection Dates
5.3 Notices to the Property Owner
Chapter 6
Pre-purchase Investigation ("Due Diligence")
6.1 Due Diligence Depends on Investment Preference
6.2 Research Tools
6.2.1 Assessment information.
6.2.2 Recorder's Office
6.2.3 Treasurer’s Office
6.2.4 Bankruptcy Court
6.2.5 RTC and FDIC
6.2.6 Sources of Property Information
6.2.7 Market Information
6.3 Time as a Resource
Chapter 7
Tax Lien Sale
7.1 Sale Process - Auction and Assignment
7.2 Bidding and Payment
7.3 "Registered" Certificates
7.4 Transfer and Replacement of the Privately-Held CP
7.5 Sales in Error
Chapter 8
Treasurer's Records – Subsequent Taxes
8.1 Paying Subsequent Delinquent Taxes
8.2 Summary of first year's investment
8.3 Liens not sold at auction
8.4 Sub taxes - separate certificates
8.4.1 Opportunities Presented by the "Single-Certificate Rule"
8.4.2 Threats Presented by the "Single-Certificate Rule"
Chapter 9
Redemption Rights and Procedure
9.1 Redemption Timing
9.2 Redemption Payment and Redeemer’s Identity
9.3 Obtaining Redemption Proceeds
9.4 IRS Right of Redemption
Chapter 10
Judicial Foreclosure of the Right to Redeem
10.1 30 Day Notice of Intent to Foreclose
10.2 Deed in Lieu of Foreclosure
10.3 Jurisdiction and Venue
10.4 Identifying and Serving Interested Parties
10.5 Defendants Requiring Special Treatment
10.5.1 Foreign Nationals
10.5.2 Soldiers and Sailors
10.5.3 Owners Under Disability
10.5.4 Federal Deposit Insurance Corporation
10.6 Judgment Foreclosing Right to Redeem
10.7 Deed Issuance
10.8 Attorney’s Fees and Costs Upon Redemption
10.9 IRS Redemption Rights
Chapter 11
Administrative Foreclosure of the Right of Redemption
11.1 Timing and Process
11.2 Insubstantial Failure to Comply
11.3 Redemption After Commencement of Administrative Foreclosure
11.4 Obtaining Title Insurance on the Administrative Deed
Chapter 12
Taking Care of Business - Measuring Performance of Tax Lien Investments
12.1 What’s Invested?
12.2 Estimating CP Accrued Interest
12.3 Liens Purchased on Assignment
12.4 Finding Internal Rate of Return
12.5 Measuring IRR on a Tax Lien Portfolio
12.6 Income Tax Reporting
Chapter 13
Alternative Forms of Tax Lien Investing:
For the Time-Challenged and the Entrepreneurial
13.1 Pooled Investment Funds
13.2 Investment Advisors
13.3 What to Expect/Require of an Agent
Chapter 14
Sale of State Tax Deeds
14.1 List Preparation and Advertising
14.2 Tax Deed Sale Process
Chapter 15
Conflicts in Lien Priority and Other Issues
15.1 Federal Tax Liens
15.2 Property Tax Liens for Different Tax Years
15.3 Other Local Property Tax and Assessment Liens
15.4 Tax Liens on Property Seized by Law Enforcement Officials
15.5 Tax Liens on Property Transferred to the State or a Political Subdivision
15.6 Easements Protected from Extinguishment in Foreclosure
15.7 Tax Liens, Treasurer's Deeds vis-à-vis Adverse Possession
Chapter 16
Lien Status With Owner of Record or Other Lien Holder in Bankruptcy
16.1 Effect of the Automatic Stay
16.2 Requesting Lift-Stay or Abandonment
16.3 Payment Plans and Other Impositions/Limitations
16.4 Chapter 7 Threats to the CP Holder’s Investment
Chapter 17
Treasurers Survey and Secondary Research Opportunities
17.1 State of Arizona Resources
17.2 County and Local
17.3 Federal Resources
17.4 Commercial Resources
17.4.1 Property Data Services
17.4.2 Aerial Photography
17.4.3 Maps
17.4.4 Title Companies
17.4.5 Trade Associations
Appendices
Index
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A-1. 2001 Abstracts by Tax Authority and Legal Class
A-2. 2000 Average State and County Primary and Secondary Tax Rates
A-3. Abstract by County for the State of Arizona Full Cash Value (Secondary) 2001
A-4. Results of Treasurer Survey - Arizona Back Tax Lien Activity
B. Property Use Code Manual, Arizona Department of Revenue, Property Tax Division
C-1. Excerpt from Maricopa County Recorders Office Document Information System - Grantor/Grantee Description Help Report (April, 1997)
C-2. Maricopa County Recorder’s Document Description Codes
D. Directory of County Offices
E. Arizona 2000 Census Data: Population and Housing
F. Lien Purchase and Property Research Checklist
G. Arizona Property Tax Lien Foreclosure Checklist
H-1 Form 30-Day Notice
H-2. Assignment and Bill of Sale (Long form)
H-2A. Certificate Transfer (Short Form)
H-3. Judicial Foreclosure Complaint Form
H-4. Foreclosure Judgment Form
H-5. Bankruptcy Proof of Claim
I-1. CP Value Estimator Worksheet Template
I-2. CP Disposition Accounting Worksheet Template
J. General Land Office Primer - Legal Subdivisions and Plats (BLM)
K-1. FDIC Statement of Policy Regarding The Payment of State And Local Property Taxes
K-2. FDIC List of Arizona Institutions In Receivership or Conservatorship
K-3. Sample Request to FDIC for Consent to Foreclose
L-1. IRS Publication 783
L-2. IRS Publication 786
L-3. IRS Form W-9
L-4. IRS Form 1099-INT
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1-1 Arizona’s Counties and County Seats
2-1 Form Notice of Valuation
2-2 Lien Sale and Foreclosure Process Overview
4-1 Maricopa County Assessor’s Web GIS
4-2 Township with Sections Numbered
4-3 Assessor’s Map - Large Area
4-4 Assessor’s Map - Subdivision
4-5 Identifying the Tax Parcel
4-6 Subdivision plat
4-7 Recorder’s Docket and Page Index
4-8 Recorder’s Instrument Number Index
4-9 Current tax inquiry screen
5-1 Time Line for Tax Lien Sale
5-2 Example Lien Sale Notice
7-1 Bidder Registration Form
7-2 Maricopa County Average Auction Interest Rates
7-3 Sample Certificate of Purchase
7-4 Introduction of "Paperless" Certificates
7-5 Sample Activity Report
7-6 Affidavit of Lost or Stolen CP
9-1 Maricopa County liens not redeemed
9-2 Table of CP-related charges
9-3 Redemption Statement
10-1 Time Line - Accumulation of Taxes
10-2 30 Day Notice of Intent to Foreclose
10-3 FDIC Consent Request Requirements
10-4 Treasurer’s Deed (after suit)
11-1 Example of Published Notice of Administrative Foreclosure
11-2 Treasurer’s Deed (administrative)
12-1 CP Value Estimator Worksheet
12-2 CP Disposition Accounting Worksheet, after redemption
12-3 CP Disposition Accounting Worksheet, after foreclosure
15-1 Notice of Federal Tax Lien
15-2 Phoenix Notice of Lien
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